Standard Chartered has released a new report predicting further declines for Bitcoin after the cryptocurrency fell below the pivotal $90,000 level.
New Assessment from Standard Chartered
According to the latest data from Standard Chartered, Bitcoin may face a prolonged bearish trend. The bank's analysts believe the cryptocurrency could drop to $80,000 if the downward trend continues.
Current Cryptocurrency Market Situation
Amid recent events, Bitcoin has dropped to $86,867 — its lowest level in three months. The cryptocurrency market has recorded losses of more than $1.5 billion due to liquidations. One of the factors that might have influenced the situation is the change in the Federal Reserve's stance, which has become more hawkish in December, according to analysts.
Long-Term Bullish Predictions
Despite the current decline, Standard Chartered had previously given optimistic long-term forecasts, expecting Bitcoin to potentially reach $500,000 in the future.
Despite current challenges facing Bitcoin, analysts remain optimistic for the long-term, predicting substantial growth in the future.
